DASHBOARD
The Road to Prosperity Dashboard tracks Utah’s economic outlook.
The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
Inflation stays high but continues to fall.
Price increases continue to moderate, with March being the 9th consecutive month of yearover declines. However, inflation remains more than two times greater than the target range.
Utah’s unemployment rate remains low.
1 2 3
Utah’s
Utah consumer confidence is unchanged.
Utah’s consumer sentiment remained the same in March. Mixed signals of both economic growth and uncertainty likely contributed. Conversely, national sentiment declined.
Year-Over Job Change March 2023
Source: U.S. Bureau of Labor Statistics
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
THREE ESSENTIAL INSIGHTS: 3.5% 2.6% 0.5% 4.9% 1.9% 5.5% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.7% 2.7% Unemployment Rate MA 3.5% CT 4.0% RI 3.1% NJ 3.5% MD 2.7% DC 4.8% DE 4.4% NH 2.4% VT 2.7% USA 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 3.0% 1.4% 1.0% 1.7% 1.5% 1.4% 2.9% 2.3% 1.1% USA 2.7% 3.5% 3.7% Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 2.5% 3.4% 4.5% 3.2% 1.9% 3.2% 4.2% 4.4% 3.0% 3.8% 2.1% 4.1% 5.5% 2.1% 2.3% 2.5% 3.5% 4.1% 3.6% 3.8% 2.9% 3.1% 4.4% 2.6% 3.1% 2.6% 3.0% 3.5% 2.3% 4.4% 2.8% 2.8% 2.6% 2.8% 3.5% 3.5% 3.4% 4.0% 2.4% 3.7% 3.3% 2.5% 2.0% 2.9% 2.5% 2.6% 2.6% 1.6% 2.4% 2.7% 4.9% 2.5% 2.1% 1.2% 1.7% 2.3% 2.8% 2.5% 2.0% 2.9% 2.9% 4.2% 2.4% 2.0% 2.3% 2.4% 1.5% 0.5% 2.7% 4.3% 2.9% 3.1% 3.0% 2.3% 2.2% 1.2% 2.4% 1.5% 1.3% 2.3% -2.5% 4.6% 1.3% 1.6% 5.1% 2.6% 4.6% 4.7% 7.4% 2.3% 1.6% Unemployment Rate March 2023 Source: U.S. Bureau of Labor Statistics 3.5% 2.6% 0.5% 4.9% 1.9% 5.5% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.7% 2.7% Unemployment Rate MA 3.5% CT 4.0% RI 3.1% NJ 3.5% MD 2.7% DC 4.8% DE 4.4% NH 2.4% VT 2.7% USA 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 3.0% 1.4% 1.0% 1.7% 1.5% 1.4% 2.9% 2.3% 1.1% USA 2.7% 3.5% 3.7% Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 2.5% 3.4% 4.5% 3.2% 1.9% 3.2% 4.2% 4.4% 3.0% 3.8% 2.1% 4.1% 5.5% 2.1% 2.3% 2.5% 3.5% 4.1% 3.6% 3.8% 2.9% 3.1% 4.4% 2.6% 3.1% 2.6% 3.0% 3.5% 2.3% 4.4% 2.8% 2.8% 2.6% 2.8% 3.5% 3.5% 3.4% 4.0% 2.4% 3.7% 3.3% 2.5% 2.0% 2.9% 2.5% 2.6% 2.6% 1.6% 2.4% 2.7% 4.9% 2.5% 2.1% 1.2% 1.7% 2.3% 2.8% 2.5% 2.0% 2.9% 2.9% 4.2% 2.4% 2.0% 2.3% 2.4% 1.5% 0.5% 2.7% 4.3% 2.9% 3.1% 3.0% 2.3% 2.2% 1.2% 2.4% 1.5% 1.3% 2.3% -2.5% 4.6% 1.3% 1.6% 5.1% 2.6% 4.6% 4.7% 7.4% 2.3% 1.6%
April 2023
5th lowest unemployment rate nationally.
unemployment
from 3.6% to 3.5%.
unemployment rate stayed constant at 2.4%, the
The U.S.
rate fell slightly
Utah Year-Over Job Change by Industry
March 2023
Year-Over Job Change
November 2010 – March 2023
Note: Large year-over job change in April 2021 is inflated due to the high job losses in April 2020.
Source: U.S. Bureau of Labor Statistics
1.8% 6.3% Unemployment Rate 2.1% Summit 4.1% Wayne 2.5% Washington 2.3% Wasatch 2.3% Utah 2.4% Salt Lake 3.1% Uintah 2.6% Tooele 2.7% Sevier 2.7% Sanpete 3.8% San Juan 4.5% Piute 2.1% Millard 2.7% Kane 2.0% Juab 2.4% Iron 3.3% Grand 6.3% Gar eld 2.8% Emery 2.7% Duchesne 3.2% Carbon 2.2% Box Elder 2.6% Beaver 2.0% Cache 2.2% Rich 2.5% Weber 2.2% Davis 1.8% Morgan 4.0% Dagget Utah Unemployment Rate March 2023 SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION Source: Utah Department of Workforce Services M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) J 2022 F F J ‘23 $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other 800 900 67% 68% 69% 68.9% 68.3% 67.4% M A M J J A S O N D A M J J A S O N D $464,000 Source: UtahRealEstate.com $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) M F J 2020 A M J J A S O N D J 2021 F F F M M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other 4 5 Billions) 2.0 2.5 0 200 400 600 800 900 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.9% 62.6% 68.3% 60.2% 67.4% 63.4% A M J J A S O N D Source: Ivory-Boyer Construction Database
of Construction in Utah March 2020 –January 2023 Utah Median Home Sales Price January 2020 – February 2023 1.9% 5.5% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.7% 2.7% Unemployment Rate MA 3.5% CT 4.0% RI 3.1% NJ 3.5% MD 2.7% DC 4.8% DE 4.4% NH 2.4% VT 2.7% USA 3.5% Job Growth 3.5% 3.7% Leisure/Hospitality Professional/Business Trade/Transportation/Utilities 2.5% 3.4% 4.5% 3.2% 1.9% 3.2% 4.2% 4.4% 3.0% 3.8% 2.1% 4.1% 5.5% 2.1% 2.3% 2.5% 3.5% 4.1% 3.6% 3.8% 2.9% 3.1% 4.4% 2.6% 3.1% 2.6% 3.0% 3.5% 2.3% 4.4% 2.8% 2.8% 2.6% 2.8% 3.5% 3.5% 3.4% 4.0% 2.4% 3.7% 2.6% 2.3%
Value
3.5% 2.6% 0.5% 4.9% 5.5% 2022 2023 2.7% 2.7% 3.5% 4.0% 3.1% 3.5% 2.7% 4.8% 4.4% 2.4% 2.7% 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 3.0% 1.4% 1.0% 1.7% 1.5% 1.4% 2.9% 2.3% 1.1% USA 2.7% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 3.3% 2.5% 2.0% 2.9% 2.5% 2.6% 2.6% 1.6% 2.4% 2.7% 4.9% 2.5% 2.1% 1.2% 1.7% 2.3% 2.8% 2.5% 2.0% 2.9% 2.9% 4.2% 2.4% 2.0% 2.3% 2.4% 1.5% 0.5% 2.7% 4.3% 2.9% 3.1% 3.0% 2.3% 2.2% 1.2% 2.4% 1.5% 1.3% 2.3% -2.5% 4.6% 1.3% 1.6% 2.7% 5.1% 2.6% 4.6% 4.7% 7.4% 2.3% 1.6% Source: U.S. Bureau of Labor Statistics
Consumer Confidence
October 2020 – March 2023
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate
Utah Taxable Retail Sales January 2020 - February 2022
U.S. Inflation Consumer Price Index Year-Over Change
January 2000 - March 2023
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales.
Source: Utah State Tax Commission
Utah Bankruptcy Cases
January 2020 - March 2023
SLC International Airport Passengers
January 2020 - February 2023
SALT LAKE CHAMBER
TO RECOVERY COALITION M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) J 2022 F F J ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other J 2020 F M J J A S O N D J 2021 F M A M A M J J A F O S D N D N 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S O J J 2022 J 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N J 2022 D J 2023 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.9% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S O N D A M J J A S O N D J F $464,000
ROADMAP
Salt Lake City International Airport M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) J 2022 F F J ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other J 2020 F M J J A S O N D J 2021 F M A M A M J J A F O S D N D N 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S O J J 2022 J 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N J 2022 D J 2023 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.9% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S O N D A M J J A S O N D J F $464,000 Labor Force Participation Rate January 2020 – March 2023 M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) J 2022 F F J ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other J 2020 F M J J A S O N D J 2021 F M A M A M J J A F O S D N D N 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S O J J 2022 J 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N J 2022 D J 2023 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.9% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S O N D A M J J A S O N D F $464,000
Source:
0 50 100 N D J 2021 O 2020 F F M A M J J A S O N D F M M A M J J A O S D N J 2022 J 2023 U.S. Utah 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 5.0% Recession 0 N D J 2021 O 2020 F F M A M J J A S O N D F M M A M J J A O S D N J 2022 J 2023 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 5.0% Recession
Policy Institute
Bureau of Labor Statistics
Source: Kem C. Gardner
Source:
Source: United States Bankruptcy Court
M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ thousands) J 2022 F F J ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F M J ‘23 Residential Non-residential Other J 2020 F M J J A S O N D J 2021 F M A M A M J J A F O S D N D N 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S O J J 2022 J 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N J 2022 D J 2023 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.9% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S O N D A M J J A S O N D J F $464,000
Source: United States Bankruptcy Court